LATEST UPDATE

Insurance Regulatory and Development Authority of India (IRDAI) was released on 21 August 2024 on the official website, announcing 49 vacancies for the post of Assistant Manager grade through open competition on all India basis for its various offices. Candidates can apply online from 21th August to 20th September 2024, Admit Card will be released on 24th October 2024. As per the official notification IRDAI AM Phase I CBT exam will be conducted on 06th November 2024 and Phase II CBT exam will be conducted on 21th December 2024.

OVERVIEW

The Insurance Regulatory and Development Authority of India (IRDAI) is a statutory body established by the Insurance Regulatory and Development Authority Act, 1999. Its mission is to protect policyholder interests while also regulating and developing the insurance industry. IRDAI invites applications from eligible Indian citizens to fill the position of Assistant Manager in its various offices through open competition on an all-India basis. IRDAI Assistant Manager recruitment occurs for a variety of specializations including Actuarial, Accounting, Legal, and General.

IRDAI AM CAREER PROSPECTS

The selected candidates from all the specializations will be placed in the Common Seniority. The seniority among these officers will be decided on the basis of the ranking secured by the selected candidates. There are reasonable prospects for promotion to higher grades and positions as well.

The selected candidates will be placed on a probation period of 1 year which may or may not be extended. The maximum probation period can be 2 years from the date of joining.

IRDAI AM  JOB PROFILE

Roles & Responsibilities are:

1. To safeguard the interest of policyholders.

2. Keeps a check on scams and frauds by setting standards and conduct vigilance.

3. Ensure fair dealing in the market.

4. Regulates the development of other Insurance Companies to benefit the customers who are investing in policies seeking safety.

SALIENT FEATURES

VACANCY DETAILS:

IRDAI invites applications from eligible Indian citizens for filling up 49 posts in Assistant Manager (AM) grade through open competition on all India basis for its various offices. Selection will be through a country-wide competitive Phase I – “On-line Preliminary Examination (objective type)” followed by Phase II – “Descriptive Examination” at select Centres and Phase III – Interview. Category-wise number of vacancies is as under:

SALARY STRUCTURE

Selected candidates will draw a starting basic pay of Rs. 44,500/- per month in the scale of Rs. 44500-2500(4)-54500-2850(7)-74450-EB-2850(4)-85850- 3300(1)-89150 (17 years) and other allowances, like Dearness Allowance, House Allowance, Qualification Allowance, City Compensatory Allowance, Grade Allowance and other perquisites as approved from time to time etc., as admissible from time to time. The selected candidates will be fixed at the minimum of basic pay in the scale of pay applicable to the post. At present, initial monthly gross emoluments for Assistant Manager is approximately Rs. 1,46,000/- (excluding qualification allowance, wherever applicable). Selected candidates will be governed by the defined contribution New Pension Scheme (NPS).

IMPORTANT DATES:

EXAM PATTERN

Phases of IRDAI AM Exam

There are a total of three Phases in the recruitment of IRDAI Assistant Manager recruitment. 

Phase -I ( Objective type ) Examination

The paper-1 examination is the first stage of the recruitment process. The paper-1 examination consists of four sections quantitative aptitude, reasoning, English and general awareness and 40 questions from each section and 40 marks are awarded to each section. The paper-1 examination is for 90 minutes.

Note: Phase-1 is a qualifying paper. Marks obtained in Phase-1 will not be counted for interview or final selection. The exam will be bilingual (i.e., Hindi/English), except the English Language section.

Paper-II ( Descriptive ) Examination

The paper-2 examination will be the second stage of the recruitment process. The paper-2 examination is also known as descriptive examination. It consists of three papers for the examination such as English, economics, and social issues affecting insurance, insurance and management. The duration of each paper is 60 minutes or 1 hour. The marks awarded for each paper is 100 marks.

Phase III – Interview

This is the last stage of the recruitment process. Candidates with high scores will advance to this phase, and the specialisation and general positions will have a different intake than in the previous examination. 

The final selection of candidates for the vacancies will be based on the candidate’s performance in Phase II of the descriptive examination and the interview scores taken together in the order of merit, with a weightage of 85:15 for the descriptive examination and interview.

Mode of Examination

IRDA Examination shall be held as a Computer Based Test. Questions shall be based on Multiple Choice Objective Type. 

Marking Scheme

1/4th mark will be deducted for each wrong answer.

Important Facts:

1. Paper Language: Hindi & English (English Language Test Shall Only be available in English)     

2. Tests will be provided in English and Hindi (except test of English Language which will be provided only in English)    

3. There will be negative marks for wrong answers in the Objective Tests. 1/4th mark will be deducted for each wrong answer.

4. Number of questions answered correctly by a candidate in each Objective Test is considered for arriving at the Corrected Score after applying penalty for wrong answers. 

5. The Corrected Scores so obtained by a candidate are made equivalent to take care of the minor difference in difficulty level, if any, in each of the Objective Tests held in different sessions to arrive at the Equated Scores *.

6. Scores obtained by candidates in any test are equated to the base form by considering the distribution of scores obtained in all examinations, if the examination is conducted in more than one session.

7. Test-wise scores and scores on total is computed with decimal points up to two digits.

ELIGIBILITY CRITERIA

Candidates willing to apply for IRDAI AM Examination are required to fulfil certain conditions to be eligible for it. The candidate who does not satisfy the Eligibility criteria like Age, Minimum educational qualification, etc., their candidature shall be rejected by the authorities. The candidate’s eligibility for IRDA AM Exam is based on the fulfilment of the following conditions:-

1. Nationality
2. IRDAIAM: Age Limit & Relaxations
3. IRDAI AM: Educational Qualifications

Nationality

The candidate must be a citizen of India.

Age-Limit

Age: (as on 20.09.2024)

Not below 21 years and not above 30 years as on 20.09.2024 i.e. candidates should have been born not earlier than 21.09.1994 and not later than 20.09.2003 (both days inclusive).

Age relaxations are granted to applicants who belong to special groups such as other backward castes, SC, ST, and so on.

The following is a list of age relaxations for several types of categories:

Education Qualification

Candidates must have a Bachelor’s degree in any field from a recognised university, or an equivalent certification recognised by the Central Government. English must have been one of the candidate’s SSC, HSC, Intermediate, or Graduation subjects. The candidate must have a certificate stating that he or she has passed the qualifying examination as of the date of application registration.

Note:

1. Candidates should possess knowledge of computer operations.

2. All the educational qualifications mentioned should be from a University/Institution/ Board recognized by Govt. of India/approved by Govt. Regulatory Bodies.

3. Candidates may opt to apply either of Actuarial/ Accounts/ Legal/ IT/ Research as per the respective streams and/or Generalist as per their educational qualifications. Separate on-line application for each stream will have to be submitted and requisite fee is to be paid for each application. In case a candidate applies more than once in a Single Specialization and/or applies for more than 2 Specializations (apart from Generalist Stream), only the latest applications shall be considered valid and the other applications shall be rejected and fee/ intimation charges against them will be forfeited. Selection will be on the basis of option exercised and performance as per cut-off marks.

4. In case of candidates belonging to SC/ST categories, relaxation in educational standards to the extent of 5% marks is allowed at Bachelor’s Degree.

5. Where Universities/Institutes have not awarded Class or percentage of marks and allotted Aggregate Grade Points (e.g. CGPA/OGPA/CPI, etc.),

a. But defined criteria for conversion of Aggregate Grade Point into Class and/or percentage of marks, the same will be accepted;

b. But has not defined criteria for conversion of Aggregate Grade Point into Class and/or percentage of marks, or not stating class in the degree certificate, the undefined parameter(s) will be worked out as under:

HOW CAN APPLY:

The application process is online, Applicants who meet the eligibility criteria can fill out the application form. The application process involves several steps, such as registering, completing the application form, uploading the required documents, paying the fee, and final submission. Candidates only need to fill out the application form with correct details, otherwise, you are responsible for rejection.

STEPS TO FILL ONLINE APPLICATION FORM

The steps to apply for IRDAI AM Application Form are as follows:

STEP 1. Visit the official website of IRDAI

STEP 2. Click on ‘Employment’ tab on the homepage.and then click on the option “Recruitment for the post of Assistant Manager”.

STEP 3. Click on the ‘New registration’ link.

STEP 4. Now, register by filling in the details in the asked fields.

STEP 5. After which, a registration ID and password will be sent to your provided email Id and phone number.

STEP 6. Now, Login using the registration ID and password.

STEP 7. Candidates should upload their scanned photograph and signature. They should ensure that they adhere to the requirements given in the official notification with regard to the scanned photograph and signature.

STEP 8. Finally, make the payment of the application form.

STEP 9. Candidates should fill in all the required details and then check  the information carefully by clicking on ‘Preview’ before “FINAL SUBMIT”.

STEP 10. Once again, check all the details and submit your application form.

APPLICATION FEE

EXAM CENTRE:

ADMIT CARD

Candidates can follow the below-mentioned steps to download admit card for the IRDAI AM exam:

Step 1: First step would be to open the official website of IRDAI

Step 2: Next, go to the employment section on the top right corner of the website, once it opens up.

Step 3: You will find the admit card notification under the subsection called Employment notice. All employment related links will be available here.

Step 4: Once you find the IRDAI Assistant Manager admit card download link, click on it. The website will ask you for login credentials.

Step 5: Fill in your login credentials to check your admit card and download it.

Step 6: Download the PDF available on the screen and take a print of it, if possible then.

EXAM RESULT

Step 1: Visit the IRDAI website.

Step 2: You will be diverted to the IRDAI Home Page.

Step 3: On the Homepage of the website, look for ‘IRDAI Assistant Manager Results 2024’ link.

Step 4: After this, the candidate will be diverted to the login page.

Step 5: Enter the details required and click the submit button.

Step 6: Your result will be displayed on the screen. Make a printout of the result sheet for additional reference.

SELECTION PROCESS:

The candidates will undergo 3 stages of the selection process as part of the IRDAI Assistant Manager Recruitment. Details of the same are explained below:

Phase I – On-line Preliminary Examination (Objective Type). This is a qualifying examination to be eligible for Phase II – Descriptive Examination. Through this, candidates for Actuarial, Finance, Law, IT, Research streams and Generalist stream shall be shortlisted for Phase II – Descriptive Examination as per standards to be decided by IRDAI (approximately 20 times the number of vacancies subject to availability). Marks secured in the Phase I – On-line Preliminary Examination will not count for interview or final selection.

Phase II – Descriptive Examination comprising 3 Papers (Paper I, II and III).

Phase III – Interview

1. Candidates for Actuarial, Finance, Law, IT, Research and Generalist stream shall be shortlisted for Phase III – Interview based on the aggregate marks obtained in Papers I, II and III of Phase II – Descriptive Examination only.

2. The minimum cut-off marks for being shortlisted for Phase III – Interview shall be decided for each stream by IRDAI. The cut-off marks for each of the streams may be same or different.

3. Final selection shall be based on the performance and merit of the candidates in Phase II – Descriptive Examination and Phase III – Interview, taken together

IMPORTANT LINK

For Official Website – click here
For Official Notification – click here